and Equity of the Company. - Sale of Assets under construction to Free Zone in order to alleviate payment of import duty, VAT, Customs Duty & Penalty. This resulted in Loss from sale of fixed assets

Profit (loss) (2,5286,305.92) Total shareholders' equity 2,413,694.08 Total liabilities and shareholders' equity 35,479,669.85 Items 31 December 2016 Assets Cash and cash equivalents 198,674.01 Other

36.15 3) Return on Equity (%) 10.79 9.43 4) Return on Assets (%) 6.60 5.75 5) EBITDA * (Million Baht) 9,600 9,236 6) EBITDA to Total Assets (%) 9.84 9.73 7) Debt to Equity Ratio (Times) 0.69 0.59 8) Debt

of 12 (1) Return on assets and return on equity are calculated based on net profit in the last twelve months (2) Interest bearing debt to equity net of cash and cash equivalent and short-term

information regarding its assets, debts and shareholders’ equity as of the registered date of its incorporation. In this regard, GSG was incorporated for accepting the transfer of the key assets of the business

) (%) 38.90 43.53 3) Return on Equity (%) 10.21 10.79 4) Return on Assets (%) 8.33 8.53 5) EBITDA * (Million THB) 9,996 9,600 6) EBITDA to Total Assets (%) 9.92 9.84 7) Debt to Equity Ratio (Times) 0.69 0.69 8

% 0% Unit: million THB Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 10 of 13 (1) Return on assets and return on equity are calculated based on net profit in

transaction’s size compared in 4 bases Basis of transaction size calculation 1) Value of the net tangible assets 2) Net operating profits 3) Total value of consideration 4) Value of equity shares NTA = Total

FY2018 Current ratio (x) 3.6 4.4 EBITDA to sales revenue (%) 3.8 5.7 Net profit to sales revenue (%) 0.7 (7.2) Return on total assets (%) 2.3 (10.5) Return on equity (%) 1.0 (11.2) Debt to equity (x) 0.3

Lease liabilities Trade account payables Inventories Investment properties Rights of use assets Property, plant and equipment Assets Liabilities and Equity Others Other receivables Leasehold rights Trade